Whatsapp is looking to lend money to the Indian users. There are millions of people in India which are using this Whatsapp. In this time of Pandemic, getting money from Whatsapp will help the peoples alot.
In April, company said, “advance money or give credit on such terms as may seem expedient, and with or without security, to customers and others.”
But the main problem is that, company is barred by law from doing any banking business. This has only one solution in which they have to execute this product through partnership with a existing bank.
[Read: WhatsApp increases group call limit from 4 to 8 people]
Whatsapp UPI plan failed
Whatsapp came with a plan of Unified Payments Interface (UPI) in 2018 which 1 million users of India. This project has to be launched by the end of 2019 but it failed because it didn’t got a nod from authorities.
Business standard informs that the Whatsapp will roll out payments to 10 million users in the next phase in February but in a interview with TechCrunch Ajit Mohan ( India’s Facebook Head ) said that the payments userbase still stands at 1 million.
In India, Whatapp will have huge success if it will launch a digital payment option which may beat all other competitors in the market like Pyatm, PhonePe and Google Tez. “Indian Digital payments industry may reach to $1 trillion by 2021” according to Credit Suisse.
Facebook also invested $5.9 billion in Reliance Jio last week. In a deal, JioMart piloted a program which will make people to order groceries through Whtasapp.
Facebook will also launch a messenger chat room which will allow 50 participants in a video at a time.
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